Home Care Experts Urge Smart Financial Planning for the Future Home care services are a great resource for families who are in need of elderly care assistance for their aging parents or grandparents. While considering home care and health care options for seniors, it is important to plan ahead and budget accordingly. Some families are able to assist with living expenses, home care services, and medical costs, but other seniors are on their own due to a lack of family resources or support. Funding for home care services, health care or medical care is available from a variety of sources. Home health agencies like ComForcare have many years of experience helping families and clients navigate the funding process. All it takes is a little preparation and planning, but unfortunately many families wait too long to make smart financial decisions for the future. According to a recently-released study, nearly half of all Americans reach the end of their lives “with virtually no financial assets.” In fact, it was found that 46 percent of U.S. senior citizens die with less than $10,000 in total financial assets. The study also determined that the seniors who had more assets tend to outlive those who had less. The lack of financial cushion makes sudden burdens like medical treatments not covered by Medicare and Medicaid even harder to bear. So how can we better prepare ourselves financially for our twilight years?
Consider how much money you’ll need to survive. What if you live into your 90s and you retire in your 60s, are you prepared to support yourself and your spouse for nearly 30 years? Keep in mind that the cost of what we buy increases every year by 4 percent, which means we’ll see our costs double every 18 years.
Consider delaying Social Security. Since people are living longer, it may make more sense to draw Social Security later in life – perhaps age 66 or even age 70. The annual benefit grows each year (increasing as much as 8 percent per year, depending on age) and once you’ve reached full retirement age, there is no limit to the amount of income that you are able to earn.
Hire a financial advisor. If you don’t know where to start, it’s best to turn to the experts. Hire a professional early enough to start making a retirement strategy. Having a financial plan in place will make you less stressed out about the future and will allow you to set aside the right amount of money each month to reach your goal. By preparing for the future, seniors and their families can have the confidence and security knowing they will be able to support themselves comfortably throughout their entire life. If you are unsure about your options regarding financial support for home care services, contact your local office for help. Many home care agencies accept payment from long-term insurance, private pay, veteran’s benefits, or a combination of sources and are able to work with each client and family to ensure payment is easily processed. Home Care Services Available from ComForcare ComForcare is a premier provider of private-duty home care services to people of all ages with offices conveniently located nationwide. We can help make life easier for those coping with a chronic medical condition, recovering from an illness or injury, or dealing with the challenges of aging – in the comfort of their own homes. We offer elderly care services including personal care, homemaking, transportation, companionship and family respite services to improve the quality of life and level of independence for every individual and family receiving our services. Each ComForcare office is independently owned and operated.
ComForcare Home Care 2510 Telegraph Road, Suite 100 Bloomfield Hills, MI 48302 248-745-9700 http://www.comforcare.com
Home care services are a great resource for families who are in need of elderly care assistance for their aging parents or grandparents.